REPORT Project Number: 10-1117-0032 Phase 1000 Distribution: 1 E-Copy: Vale Inco Limited 1 E-Copy: Golder Associates Ltd

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REPORT Project Number: 10-1117-0032 Phase 1000 Distribution: 1 E-Copy: Vale Inco Limited 1 E-Copy: Golder Associates Ltd Effective Date: 30 June 2010 VALE INCO LIMITED EXTERNAL AUDIT OF MINERAL RESERVES VOLUME 2, SECTION 1 ONTARIO OPERATIONS Submitted to: Vale Inco Limited 2060 Flavelle Blvd., Sheridan Park Mississauga, Ontario Canada L5K 1Z9 REPORT Project Number: 10-1117-0032 Phase 1000 Distribution: 1 e-copy: Vale Inco Limited 1 e-copy: Golder Associates Ltd. ONTARIO OPERATIONS AUDIT Executive Summary Golder Associates Ltd.’s (Golder) Competent Persons, Greg Greenough, P.Geo., and Kevin Beauchamp, P.Eng., have visited the Vale Ontario Operations Project from July 5 to 9, 2010 and validated that part of the mineral resource that is the basis for the following Mineral Reserve estimate as at June 30, 2010 for the Ontario Operations. During the site visit they inspected mining operations, interviewed personnel and gathered information required to evaluate the appropriateness of the data and methodology used to estimate the resources and reserves. A list of people contacted for this study includes: Steve Lowen – Principal MRMR Geological Engineer Lee Weitzel – Manager – Business Planning Chris Davis – Manager – Mines Geology Trevor Courchesne – Chief Engineer - Business Planning Coleman, Creighton and Totten Mines Tom Corkal – Chief Engineer - Business Planning North, Stobie and Garson Mines Richard Jundis – Senior Mine Engineer Scott Jeffrey – Chief Geologist – Design and Evaluation This study includes a review of technical reports, memoranda and supporting technical information obtained from Vale. Reports on previous internal and external technical reviews and audits were also made available to Golder (e.g., an independent audit of Garson Deep by SRK Consulting carried out in August, 2009). The mineral reserve estimates provided to Golder were expected to conform to the requirements of the Securities Exchange Commission’s Industry Guide 7 and to Canadian National Instrument (NI) 43-101 using specific terminology from CIM (2004). No exceptions were found to these requirements. The mineral reserve statement at June 30, 2010 for the Vale was audited by Golder. The mineral reserve audited by Golder was based on the mineral resource models and was prepared using costs, optimisation, mine design and scheduling practices that are appropriate. Golder accepts the procedure adopted to convert the mineral resource into a mineral reserve. The numbers are appropriate for the purpose of public reporting in that they provide an acceptable prediction of the available mineral reserves. The tonnes and grades are reported at an appropriate economic cut-off grade based on documented costs and prices. The following table with the mineral reserve figures are provided at the appropriate level of precision for public reporting. Effective Date: June 30, 2010 Project No. 10-1117-0032 Phase 1000 ONTARIO OPERATIONS AUDIT Ontario Operations Mineral Reserves June 30, 2010 Pt Pd Au Operating Mines Class Tonnes %Cu % Ni %Co (g/tonne) (g/tonne) (g/tonne) Proven 10,940,921 1.07 1.03 0.04 0.7 0.7 0.3 C.C. North Probable 15,209,383 1.06 0.89 0.03 0.9 0.9 0.4 Total 26,150,304 1.06 0.95 0.03 0.8 0.8 0.4 Proven 4,955,348 1.36 1.11 0.03 1.1 1.0 0.4 C.C. South Probable 8,199,547 1.50 1.34 0.04 1.2 1.6 0.5 Total 13,154,895 1.45 1.25 0.04 1.2 1.4 0.5 Proven 6,408,941 2.36 2.27 0.05 0.7 0.7 0.2 Creighton #9 Probable 4,402,491 1.66 1.91 0.04 0.6 0.7 0.2 Total 10,811,432 2.06 2.10 0.04 0.7 0.7 0.2 Proven 24,850,044 0.65 0.69 0.03 0.3 0.3 0.1 Stobie/Frood Probable 8,201,578 0.70 0.72 0.03 0.3 0.3 0.1 Total 33,051,622 0.66 0.70 0.03 0.3 0.3 0.1 Proven 6,156,020 1.26 1.71 0.06 0.6 0.7 0.3 Garson Probable 523,572 0.82 1.17 0.05 0.4 0.3 0.2 Total 6,679,592 1.22 1.67 0.06 0.6 0.7 0.2 Proven 15,805,749 2.87 1.62 0.04 1.0 1.7 0.5 Coleman Probable 2,579,037 5.34 1.10 0.01 4.3 6.4 1.4 Total 18,384,786 3.18 1.53 0.04 1.5 2.4 0.7 Proven Totten Probable 7,896,820 2.07 1.47 0.04 2.1 2.1 0.8 Total 7,896820 2.07 1.47 0.04 2.1 2.1 0.8 Proven 400,975 0.45 1.00 0.03 0.1 0.1 0.0 Ellen Probable Total 400,975 0.45 1.00 0.03 0.1 0.1 0.0 Proven 69,517,998 1.48 1.22 0.04 0.7 0.8 0.3 Ontario Operations Probable 47,012,428 1.53 1.15 0.03 1.2 1.4 0.5 Total 116,530,426 1.50 1.19 0.04 0.9 1.0 0.4 Effective Date: June 30, 2010 Project No. 10-1117-0032 Phase 1000 ONTARIO OPERATIONS AUDIT Significant Opinions Potential post Labour Dispute Issues: Engagement and productivity of the Steelworkers Local 6500 employees may be affected as a result of the long and contentious labour dispute. Ongoing labour relations may result in lower than expected performance of baseline business. The resource block modelling methods and factors for mining recovery and dilution employed at the Ontario Operations are completed to accepted industry standards and appropriate for mineral reserve reporting. Geotechnical issues are likely to persist at the mines in the Ontario Operations. Furthermore, orebodies at greater depth have an increased likelihood of issues with regard to mining recovery, productivity and mining costs. However, it is the opinion of the QP that the ground control programs at the Ontario Operations have an established track record in addressing these geotechnical issues. The Ontario Operations is required to meet proposed government regulations on sulphur dioxide emissions reduction. Economically and technically feasible solutions for reducing emissions will be required to prevent closure of the smelter and refinery, or a significant reduction in plant throughput. Effective Date: June 30, 2010 Project No. 10-1117-0032 Phase 1000 ONTARIO OPERATIONS AUDIT Table of Contents 1.0 ONTARIO OPERATIONS .............................................................................................................................................. 1-1 1.1 Location ............................................................................................................................................................ 1-1 1.2 Ownership ........................................................................................................................................................ 1-1 1.3 Land Tenure and Mining Rights ........................................................................................................................ 1-1 1.4 Infrastructure .................................................................................................................................................... 1-2 1.5 Production Process and Products..................................................................................................................... 1-3 1.6 Metal Recoveries .............................................................................................................................................. 1-4 1.7 Market ............................................................................................................................................................... 1-6 1.8 Historic Production ............................................................................................................................................ 1-7 1.9 Geology and Mineral Deposits .......................................................................................................................... 1-8 1.10 Exploration and Development Drilling ............................................................................................................. 1-10 1.11 Deposit Sampling Methods and Data Management........................................................................................ 1-11 1.12 Mineral Resource Estimation .......................................................................................................................... 1-13 1.13 Mineral Reserve Estimation ............................................................................................................................ 1-16 1.14 Reported Mineral Reserve .............................................................................................................................. 1-20 1.15 Reconciliation and Reserve Audits ................................................................................................................. 1-23 1.16 Environmental ................................................................................................................................................. 1-25 1.17 Community and Government Affairs ............................................................................................................... 1-25 1.18 Operating Costs .............................................................................................................................................. 1-26 1.19 Capital Costs .................................................................................................................................................. 1-27 1.20 Taxation .......................................................................................................................................................... 1-28 1.21 Economic Evaluation of Mineral Reserves ..................................................................................................... 1-29 1.22 Mine Life ......................................................................................................................................................... 1-32 Effective Date: June 30, 2010 Project No. 10-1117-0032 Phase 1000 1-i ONTARIO OPERATIONS AUDIT TABLES Table 1-1: Saleable Products from the Ontario Operations ....................................................................................................
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